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Friday 19th April 2024: Technical Outlook and Review

DXY (US Dollar Index): Potential Direction: Bullish Overall momentum of the chart: Bullish Factors contributing to the momentum is that price is: Above the bullish Ichimoku cloud Price could potentially make a: Bullish continuation towards 1st resistance Pivot: 105.94 Supporting reasons: An Overlap support, indicating a significant level where buying interest might be present, potentially providing a foundation for further upside movement. 1st support: 105.10 Supporting reasons: An Overlap support, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the bullish momentum. 1st resistance: 106.89 Supporting reasons: An Overlap resistance combined with a 161.80% Fibonacci Extension, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bullish trend.

EUR/USD: Potential Direction: Bearish Overall momentum of the chart: Bearish Factors contributing to the momentum is that price is: Below the bearish Ichimoku cloud Price could potentially make a: Bearish break off pivot and drop towards 1st support Pivot: 1.0610 Supporting reasons: Pullback resistance, indicating a significant level where selling pressure might intensify, potentially leading to a reversal or temporary halt in the bearish momentum. 1st support: 1.0550 Supporting reasons: 161.80% Fibonacci Extension, representing a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the bearish momentum. 1st resistance: 1.0689 Supporting reasons: Swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bearish trend.

EUR/JPY: Potential Direction: Bearish Overall momentum of the chart: Bearish Price could potentially make a: Bearish break off pivot and drop towards 1st support PIvot: 163.57 Supporting reasons: Pullback resistance, indicating a significant level where selling pressure might intensify, potentially leading to a reversal or temporary halt in the bearish momentum. 1st support: 162.53 Supporting reasons: An Overlap support, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the bearish momentum. 1st resistance: 165.14 Supporting reasons: Swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bearish trend.

EUR/GBP: Potential Direction: Bullish Overall momentum of the chart: Bullish Price could potentially make a: Bullish continuation towards 1st resistance Pivot: 0.8549 Supporting reasons: An Overlap support combined with a 38.20% Fibonacci Retracement, indicating a significant level where buying interest might be present, potentially providing a foundation for further upside movement. 1st support: 0.8531 Supporting reasons: Multi-swing low support, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the bullish momentum. 1st resistance: 0.8582 Supporting reasons: Multi-swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bullish trend.

GBP/USD: Instrument: GBP/USD Potential Direction: Bearish Overall momentum of the chart: Bearish Price could potentially make a: Bearish break off pivot and drop towards 1st support Pivot: 1.2424 Supporting reasons: Pullback resistance, indicating a significant level where selling pressure might intensify, potentially leading to a reversal or temporary halt in the bearish momentum. 1st support: 1.2338 Supporting reasons: Multi-swing low support combined with a 161.80% Fibonacci Extension, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the bearish momentum. 1st resistance: 1.2484 Supporting reasons: Multi-swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bearish trend.

GBP/JPY: Potential Direction: Bearish Overall momentum of the chart: Bearish Price could potentially make a: Bearish break off pivot and drop towards 1st support Pivot: 191.58 Supporting reasons: Pullback resistance, indicating a significant level where selling pressure might intensify, potentially leading to a reversal or temporary halt in the bearish momentum. 1st support: 190.08 Supporting reasons: An Overlap support, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the bearish momentum. 1st resistance: 192.79 Supporting reasons: Multi-swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bearish trend.

USD/CHF: Potential Direction: Bearish Overall momentum of the chart: Bearish Price could potentially make a: Bearish break off pivot and drop towards 1st support Pivot: 0.9089 Supporting reasons: Pullback resistance, indicating a significant level where selling pressure might intensify, potentially leading to a reversal or temporary halt in the bearish momentum. 1st support: 0.9024 Supporting reasons: An Overlap support, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the bearish momentum. 1st resistance: 0.9148 Supporting reasons: Multi-swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bearish trend.

USD/JPY: Potential Direction: Bearish Overall momentum of the chart: Bullish Price could potentially make a: Bearish continuation towards 1st support Pivot: 154.81 Supporting reasons: Multi-swing high resistance, indicating a level where selling pressure might intensify, potentially leading to a reversal or temporary halt in the bullish momentum, supported by the 78.60% Fibonacci Projection. 1st support: 151.93 Supporting reasons: Pullback support, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the bearish momentum. 1st resistance: 157.04 Supporting reasons: 100% Fibonacci Projection, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement within the context of the overall bullish trend.

USD/CAD: Potential Direction: Bearish Overall momentum of the chart: Bullish Price could rise towards the pivot and potentially make a bearish reaction off this level to drop towards the 1st support Pivot: 1.3828 Supporting reasons: Acts as a pullback resistance that aligns close to a 78.6% Fibonacci projection level, suggesting an area where price could potentially stall and pull back before resuming the uptrend. 1st support: 1.3753 Supporting reasons: Identified as a pullback support, suggesting an area where price could find strong buying interest to provide a foundation for potential price stabilization. 1st resistance: 1.3888 Supporting reasons: Identified as a swing-high resistance that aligns close to a 127.2% Fibonacci extension level, marking a significant barrier that could cap further upward movements.

AUD/USD: Potential Direction: Bearish Overall momentum of the chart: Bearish Price has broken below the pivot and could potentially drop towards the 1st support Pivot: 0.6397 Supporting reasons: Previously functioned as a pullback support which now has been broken due to the strong bearish momentum. 1st support: 0.6348 Supporting reasons: Acts as a swing-low support, suggesting a significant area where price has previously found strong support and could provide a basis to halt further downward movement. 1st resistance: 0.6447 Supporting reasons: Identified as a pullback resistance, marking a barrier that has previously capped upward movements.

NZD/USD Potential Direction: Bearish Overall momentum of the chart: Bearish Price has broken below the pivot and could potentially drop towards the 1st support Pivot: 0.5863 Supporting reasons: Previously functioned as a pullback support which now has been broken due to the strong bearish momentum. 1st support: 0.5779 Supporting reasons: Acts as a swing-low support, suggesting a potential area for price stabilization or a minor rebound within the bearish context. 1st resistance: 0.5930 Supporting reasons: Identified as a pullback resistance, marking a barrier that has previously capped upward movements.

US30 (DJIA): Potential Direction: Bearish Overall momentum of the chart: Bearish Price has broken below the pivot and could potentially drop towards the 1st support Pivot: 37,672.13 Supporting reasons: Previously functioned as a pullback support which now has been broken due to the strong bearish momentum. 1st support: 37,164.30 Supporting reasons: Identified as a pullback support, suggesting a significant area where price has previously found strong buying interest and could provide a solid foundation to halt further downward movement. 1st resistance: 38,025.73 Supporting reasons: Identified as a pullback resistance, indicating a potential barrier that could cap any upward movements.

DE40 (DAX): Potential Direction: Bearish Overall momentum of the chart: Bearish Price has broken below the pivot and could potentially drop towards the 1st support Pivot: 17,666.40 Supporting reasons: Previously functioned as a pullback support which now has been broken due to the strong bearish momentum. 1st support: 17,431.30 Supporting reasons: Acts as a pullback support that aligns with a 61.8% Fibonacci retracement level, suggesting a significant area where price has previously found strong buying interest and could provide a solid foundation to halt further downward movement. 1st resistance: 17,901.10 Supporting reasons: Identified as a pullback resistance that aligns with 23.6% Fibonacci retracement level, potentially functioning as a barrier that could cap any upward movements.

US500 (S&P 500): Potential Direction: Bearish Overall momentum of the chart: Bearish Price has broken below the pivot and could potentially drop towards the 1st support Pivot: 4,953.70 Supporting reasons: Previously functioned as a pullback support which now has been broken due to the strong bearish momentum. 1st support: 4,848.25 Supporting reasons: Acts as a pullback support suggesting a significant area where price has previously found strong buying interest, providing a solid foundation to halt further downward movement. 1st resistance: 5,006.20 Supporting reasons: Marked by a pullback resistance, which could function as a potential barrier and cap any upward movements.

BTC/USD (Bitcoin): Potential Direction: Bullish Overall momentum of the chart: Neutral Price could potentially make a bullish reaction off the pivot and rise towards the 1st resistance Pivot: 59,525.62 Supporting reasons: Acts as a pullback support that aligns with the 61.8% Fibonacci retracement and the 161.8% Fibonacci extension levels, suggesting a significant area where price has previously found strong buying interest and could provide a solid foundation for potential price stabilization or a rebound 1st support: 52,866.49 Supporting reasons: Acts as a pullback support, suggesting a significant area where price has previously found strong buying interest and could provide a solid foundation for potential price stabilization or a rebound. 1st resistance: 64,275.47 Supporting reasons: Marked by a pullback resistance that aligns close to a 38.2% Fibonacci retracement, indicating a significant barrier that could cap further upward movements.

ETH/USD (Ethereum): Potential Direction: Bullish Overall momentum of the chart: Neutral Price could potentially make a bullish reaction off the pivot and rise towards the 1st resistance Pivot: 2,847.25 Supporting reasons: Identified as an overlap support that aligns close to a 61.8% Fibonacci retracement level suggesting a significant area where price has previously found support, providing a strong foundation for a potential rebound. 1st support: 2,685.96 Supporting reasons: Identified as an overlap support that aligns close to a 78.6% Fibonacci retracement level suggesting a significant area where price has previously found support, providing a strong foundation to halt further downward movements. 1st resistance: 3,111.04 Supporting reasons: Identified as an overlap resistance, marking a significant barrier that could cap further upward movements.

WTI/USD (Oil): Potential Direction: Bullish Overall momentum of the chart: Bullish Price has made a bullish reaction through the pivot and could potentially rise towards the 1st resistance Pivot: 82.68 Supporting reasons: Previously functioned as an overlap resistance which now has been broken due to the strong bullish momentum. 1st support: 81.01 Supporting reasons: Identified as a pullback support that aligns with a 61.8% Fibonacci retracement level, suggesting a significant area where price has previously found strong buying interest and could provide a solid foundation to halt further downward movements. 1st resistance: 87.77 Supporting reasons: Identified as a pullback resistance, marking a significant barrier that could cap further upward movements.

XAU/USD (GOLD): Potential Direction: Bullish Overall momentum of the chart: Bullish Price could potentially make a: Bullish bounce off pivot and heads towards 1st resistance Pivot: 2404.73 Supporting reasons: Pullback resistance, indicating a level where selling pressure might intensify, potentially providing a barrier to further upside movement. 1st support: 2363.29 Supporting reasons: An Overlap support, suggesting a level where buyers might step in to support the price, potentially providing a foundation for a bounce or temporary halt in the bullish momentum. 1st resistance: 2431.00 Supporting reasons: Swing high resistance, representing a level where selling pressure might increase, potentially acting as a barrier to further upside movement.

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Publication date:

2024-04-19 14:21:04 (GMT)

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